Vici Properties (VICI) FY2023 results: revenue $3.6 billion, up 38.9% on the year

Vici Properties Inc. (VICI) reported revenue of $3.6 billion for fiscal 2023, the year ended 31 December 2023, up 38.9% on the year before. Net income was $2.5 billion, up 124.9%, and diluted earnings per share $2.47. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2024.

Revenue

$3.6 billion

+38.9% on the year

FY2017FY2023

Operating margin

n/a

FY2017FY2023

Net income

$2.5 billion

+124.9% on the year

FY2017FY2023

Diluted EPS

$2.47

+94.5% on the year

FY2017FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	3,612	2,601	1,510	+38.9%
Cost of revenue	27.1	22.6	20.8	+19.9%
Gross profit	3,585	2,578	1,489	+39.1%
Gross margin	99.3%	99.1%	98.6%
Interest expense	818	540	392	+51.5%
Pre-tax income	2,548	1,139	1,026	+123.7%
Income tax	-6.1	2.9	2.9
Effective tax rate	-0.2%	0.3%	0.3%
Net income	2,514	1,118	1,014	+124.9%
Net margin	69.6%	43.0%	67.2%
Diluted EPS	$2.47	$1.27	$1.76	+94.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	2,181	1,943	896	+12.2%
Capital expenditure	4.0	1.9	2.5	+115.1%
Free cash flow	2,177	1,942	894	+12.1%
Free cash flow margin	60.3%	74.7%	59.2%
Cash from investing	-2,899	-9,304	41.4
Cash from financing	1,032	6,830	-514	-84.9%
Depreciation	4.3	3.2	3.1	+35.1%
Share-based compensation	15.5	13.0	9.4	+19.6%
Dividends paid	1,584	1,219	759	+29.9%
Dividend per share	$1.61	$1.50	$1.38	+7.3%
Diluted shares, weighted	1,016m	880m	577m	+15.5%
Shares outstanding at period end	1,043m	963m	629m	+8.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	25,256	21,934	12,108	+15.1%
Non-controlling interest	402	356	78.9	+12.7%
Debt	16,724	13,740	4,695	+21.7%
Other liabilities	1,678	1,546	716	+8.5%
Total liabilities and equity	44,060	37,576	17,597	+17.3%
Fixed assets	66.9	67.2	68.5	-0.4%
Investments	0.0	217	0.0
Cash and equivalents	523	209	740	+150.1%
Other assets	43,470	37,082	16,789	+17.2%
Total assets	44,060	37,576	17,597	+17.3%

10-K for the year ended 31 December 2023, filed 22 February 2024: the filing.